§ 64-05 Licensing – Bond Required.
RCNY § 64-05
(a)Amount of Bond. An Applicant for a Taximeter License or renewal must deposit with the Commission a fifty thousand dollar ($50,000) bond payable to the City of New York. The bond must be provided by one or more sureties approved by the Commission.
(b)Bond Guarantees. The bond must guarantee that the License Applicant or Licensee will comply with all provisions of the Administrative Code of the City of New York, observe all applicable rules or regulations of the Commission, pay all fines imposed by the Commission, and pay all judgments or settlements arising from any action connected in any way with the Taximeter License.
(c)Fines and Judgments. The Taximeter Licensee is immediately liable for the payment of any fine or judgment when the amount is determined or upon final determination of an appeal and if the fine is not paid as required by 35 RCNY § 64-02(c), the Commission may draw upon the bond.
